The Employee Retention Credit (ERC) is not taxable income for federal tax purposes. Still, it does impact taxes by reducing deductible wage expenses. What Is the Employee Retention Credit? The Employee Retention Tax Credit (ERTC) is a refundable tax credit available to … [Read more...]
The California “Exit Tax”: The Tax Consequences of Leaving California
The term "California Exit Tax" is not an official tax levied by the State of California. Rather, it refers to the implications and potential tax consequences for individuals and businesses leaving California. This informal term encompasses various tax obligations and compliance … [Read more...]
How Often Can The Franchise Tax Board Levy Your Bank Account?
The California Franchise Tax Board (FTB) has the authority to levy your bank account as often as necessary to collect unpaid taxes, interest, penalties, and fees. Once a bank levy is issued, the FTB can continue to levy your account until the debt is fully paid or you arrange a … [Read more...]
What is the Trust Fund Recovery Penalty?
The Trust Fund Recovery Penalty (TFRP) is a significant penalty imposed by the IRS on individuals responsible for collecting, accounting for, and paying over payroll taxes who willfully fail to do so. This penalty is intended to hold individuals personally liable for the unpaid … [Read more...]
CDTFA Notice of Levy
The California Department of Tax and Fee Administration (known as the CDTFA) uses levy notices to seize a taxpayer's money or right to money held by the taxpayer or a third party when the taxpayer has not resolved their outstanding tax liability. In most cases, levies are served … [Read more...]
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